21st Century Fox "Surprised" By CMA Referral Decision

21st Century Fox takeover of Sky referred to competition watchdog

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- UK Media Secretary Karen Bradley on September 12 said she was minded to refer 21st Century Fox's bid for broadcaster Sky to the country's competition regulator on the grounds of its commitment to broadcasting standards. It has previously urged Ms Bradley not to delay further the referral to the CMA. Shares of Sky, which is 39 per cent owned by Fox, fell as much as 5.1 per cent, the biggest drop since the UK's June 2016 vote to leave the European Union.

He also said the move reflected failings on the part of Ofcom, given the "long history of regulatory non-compliance and of corporate governance failure" by the Murdochs.

State Street Corp., the custodial bank that runs the S&P 500 ETF Trust, voted against re-electing media mogul Rupert Murdoch and two of his sons to board positions at News Corp. and Twenty-First Century Fox in the most recent election.

"I have taken careful account of all relevant representations and Ofcom's advice", Bradley said.

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Maybe [he was unhappy] because he wanted to score. "The interpretation of the attitudes is always very unsafe ". I got into that position and I didn't think twice about it'. "We were a bit passive, too reactive".

In July, Bradley said she was still minded to refer the bid to the CMA on media plurality concerns, but not on the grounds of commitment to broadcasting standards.

Fox CEO James Murdoch and co-chairman Lachlan Murdoch have said that delays in approving the deal would suggest that the United Kingdom is not as "open for business" as it claims to be. Britain is under pressure to reassure investors of the nation's future path amid stalling Brexit talks with the EU.

British Culture Secretary Karen Bradley said Tuesday she was acting partly out of concern about corporate-governance at 21st Century Fox, highlighted by a series of sexual harassment scandals at its Fox News unit. She said she has given the parties 10 working days to respond, adding: "Following receipt of any representations from the parties I will aim to come to my final decision in relation to both grounds as promptly as I can".

Ofcom said Fox's record of compliance with the United Kingdom broadcasting code had been "good" and that overseas broadcasts were not relevant.

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It also concluded that the automation contributed because it permitted Brown's "prolonged disengagement from the driving task". Sumwalt read from portions of the company's manual that offered contradictory instructions on how to use automation.

British authorities have increased scrutiny of the impending deal following several complaints raising concerns that the Fox News parent company is not fit to own Sky News.

Rupert Murdoch's bid to take full control of Sky could be disrupted or blocked completely after the government unexpectedly raised a series of concerns about how Fox News has been run in the USA and the potential "Foxification" of the United Kingdom broadcaster.

The first concern was raised in Ofcom's public interest report: that Fox did not have adequate compliance procedures in place for the broadcast of Fox News in the United Kingdom and only took action to improve its approach to compliance after Ofcom expressed concerns.

On 29 August in what was seen my many observers as a tactic to ease the bid, Fox News was pulled from Sky's United Kingdom grid.

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The Treasury secretary did hesitate about cutting the tax rate to 15 percent, which President Trump has said would be his goal. "And what's more important is making sure we have a competitive field".

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